Cryptocurrency Market Archives

Cryptocurrency Industry | Forecast 2030

The global cryptocurrency market generated over USD 40.09 billion in 2021 and is expected to grow at a CAGR of 26.8% over the forecast period. The cryptocurrency is segmented in various end uses such as trading, government, gaming, banking, healthcare, retail & e-commerce, and others. Cryptocurrency uses distributed ledger technology such as blockchain to validate transactions. The increasing adoption of distributed ledger technology is anticipated to propel the market growth during the forecast period. Moreover, increasing usage of cryptocurrencies for cross-border remittances is expected to fuel market expansion due to the reduction in consumer fees and exchange charges.

One of the key elements influencing the growth of digital currency is the rising need for better transparency and operational efficiency in digital payments systems, increase in data security, and integration of blockchain technology. Additionally, the growing adoption of digital currency by major corporations such as MasterCard Inc. and Tesla Inc. is anticipated to boost industry expansion. Binance, Bit fury Group Limited, Ripple, and Intel Corporation are some of the key players spearheading the growth of these applications.

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Cryptocurrency Exchange Platform Market Insights

The global cryptocurrency exchange platform market size was valued at USD 30.18 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2022 to 2030. The growing popularity of digital assets, such as cryptocurrencies and Non-Fungible Tokens (NFTs), is anticipated to increase the demand for cryptocurrency exchange platforms. People in developed countries, such as the U.S. and Canada, are rapidly adopting digital currency owing to its flexibility and ease of transaction. In addition, the rising acceptance of mobile-based trading platforms is expected to create opportunities for the industry. Furthermore, cryptocurrencies use blockchain technology for decentralization and efficient transactions.

Blockchain technology offers fast, secure, decentralized, transparent, and reliable transactions; hence, the companies are investing in blockchain and collaborating to deliver quality services to the consumers. For instance, in July 2022, KuCoin, one of the prominent cryptocurrency exchange platforms, announced its partnership with Coinrule Ltd., a trading bot for cryptocurrency platforms, to provide automated trading to its customers. In addition, traders using Kucoin’s platform are able to trade margin options, cryptocurrency futures, and perpetual swaps through Coinrule API. The growing popularity of cryptocurrencies as a medium of exchange for products and services led the central banks to support and accept digital currencies across the globe.

Crypto Wallet Market Insights

The global crypto wallet market size was estimated at USD 8.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 24.8% from 2023 to 2030. One of the fundamental growth drivers for the market is the widespread adoption of cryptocurrencies as a legitimate asset class. As cryptocurrencies gain recognition from both individual investors and institutional players, the need for secure and user-friendly storage options has become increasingly evident. This recognition has spurred the development and utilization of crypto wallets worldwide. Another significant driver is the growing awareness of cybersecurity’s critical role in the crypto space. With the rising value of digital assets, individuals are becoming more concerned about the safety of their investments.

Crypto wallets provide a secure and private method for safeguarding cryptocurrencies, offering a compelling alternative to centralized exchanges that are vulnerable to hacking and cyberattacks. As cybersecurity threats evolve, the demand for robust crypto wallet solutions is expected to remain strong.

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Cryptocurrency Payment Apps Market Insights

The global cryptocurrency payment apps market size was valued at USD 545.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2030. The emergence of Web3 and blockchain technology created the need for cryptocurrency payment apps to enable individuals to conduct seamless transactions. These systems are integrated with blockchain technology, enabling users to transact across regions with enhanced security. In addition, cryptocurrency transaction payment apps charge lower fees than traditional payment systems. These are some of the major factors that are driving the market of crypto payment apps market.

The growing adoption of cryptocurrencies globally is the key driver for the market’s expansion. People are encouraged to use cryptocurrency payment platforms owing to the decentralized nature of the blockchain, which eliminates mediators like banks from the payment processing system. It reduces the processing time and accelerates the transaction speed, consequently adding up to the increasing popularity of such platforms. In addition, the growing prevalence of cryptocurrencies as an investment option among millennials is also fueling the market’s growth.

Crypto ATM Market Insights

The global crypto ATM market size was estimated at USD 116.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The market’s growth can be attributed to the growing adoption of cryptocurrencies among people who do not have a bank account and prefer using cash. Emerging as an attractive alternative, customers can purchase cryptocurrencies using cash at crypto ATMs. Furthermore, crypto ATMs allow customers to remit money abroad without needing a bank account, convert cryptocurrency into fiat currency, and allow cash withdrawal through ATMs. Furthermore, the legalization of cryptocurrency across several countries is also one of the major factors that bode well for the growth of the market for crypto ATMs.

Digital wallets also act as an interface that allows you to use your cryptocurrencies in a variety of ways, such as exchanging them for other assets, staking them for profit, or deploying them in decentralized finance (DeFi) protocols to earn investment income. Let’s differentiate between software wallets vs hardware wallets.

Hardware Wallets

Hardware wallets allow users to store their cryptocurrencies on the device. The private key is saved on the device and always offline. To transfer cryptocurrency to another wallet, users must enter a PIN on the hardware device. This provides an extremely secure way to store large amounts of cryptocurrency. Likewise, hardware wallets are no longer practical for active cryptocurrency traders. Indeed, making last-minute transactions is tedious because access to hardware devices is required. The best cryptocurrency wallet providers are Trezor and Ledger Nano. Both are decentralized because neither vendor has access to the device’s private key.

For this reason, hardware wallets are particularly helpful when holding big volumes of bitcoin.

Furthermore, a lot of hardware wallets have the capacity to hold numerous cryptocurrencies, which makes them ideal for safely keeping whole cryptocurrency portfolios. Ledger and Trezor hardware wallets are two examples of well-known models.

Despite their popularity in the crypto market, hardware wallets have some drawbacks.

Value: Unlike software wallets, hardware wallets are not free. They can range from $50 to $200, depending on the brand and features and functionality. This can be a barrier for those who do not hold large amounts of money.
Limited number of supporting assets: Not all cryptocurrencies are supported by all hardware wallets. It might not be able to keep a digital asset using a hardware wallet if it is less widespread.
Limited accessibility: Since a hardware wallet must be physically connected to a device (usually via USB) to transact, it can be less convenient, unlike mobile wallets like the Our Wallet app, that you can access from everywhere.
Risk of loss or damage: If you lose your hardware wallet or the wallet is damaged, you risk losing access to your digital assets. Most wallets have a recovery process, but you need to back up your recovery secret. However, if you forget or lose your passphrase, your crypto assets will be gone.
User Experience: Especially for a novice, using a hardware wallet can be challenging. These usually involve setting up a PIN, a recovery seed, and manually using the small buttons on the device. This complexity can frustrate some users.

Software Wallets

Software wallets serve as an interface to the blockchain, which houses all of the transactions and cryptocurrencies connected to your wallet address, rather than actually storing your digital money.

These so-called “hot Wallets” are designed to be utilized using an application that is installed on your desktop computer or mobile device, or through a web browser extension. They are often simpler to use than hardware wallets and are available from any location with an internet connection. However, they are less secure than hardware or cold wallets since they require an internet connection in order to access your private keys, making them susceptible to hackers.

Installing and configuring a software wallet on your desktop computer or smartphone is required in order to utilize it. You may use the wallet program to store and manage your cryptocurrency assets as soon as you’ve downloaded it and made a new wallet. Our Wallet is an excellent illustration of a software wallet that is available as a browser extension or as an app for your mobile device. With Our Wallet, you can manage and store more than a million digital assets from up to 70 blockchains—including NFTs—under one roof.

With more than million users of Our Wallet (best crypto wallet), you have complete control over your private keys and digital assets.

Decentralized apps (dApps) can also be accessed via software wallets. For example, Our Wallet comes with a built-in dApp browser that lets you access dApps across many blockchains. Software wallets, such as Our Wallet, also have the noteworthy benefit of being simple to use and access on a daily basis. This is because you don’t need to carry about a physical device that can be lost and is difficult to retrieve. Finally, software wallets can instantly enable near-field communication (NFC) or QR code scanning to process payments at real stores.

Software wallets provide a number of advantages, but they can have disadvantages.

Security risks:

Software wallets are more vulnerable to phishing, malware, keylogging, hacking, and other cyberattacks than hardware wallets, which store your private keys offline and are typically virus- and malware-free.

Network connection:

Software wallets need an internet connection in order to conduct transactions, which might be a problem in places with inadequate connectivity.

Best Decentralized Crypto Software Wallet

Trust wallet

An open source multi-currency crypto wallet that supports multiple cryptocurrencies. Available for both mobile devices and as a browser extension. It allows you to bet a certain amount of cryptocurrencies and buy some of them with a bank card. The wallet has a built-in Web3 browser for users to access dApps. Considered one of the safest wallets.

MyEtherWallet (MEW)

Client-side interface for interacting with the Ethereum blockchain that is open source. Supports all ERC-20 tokens, allowing users to interact with popular hardware wallets and work with dApps. Additionally, it offers cross-chain swaps and allows users to withdraw Ethereum for Euros or Swiss Francs. Available for browsers and mobile devices.

Our Wallet

This best crypto wallet features an intuitive and user-friendly interface. Available as a mobile app. The wallet supports Ethereum and all major digital assets.It is the most secure, private and user-friendly app.

Exodus

One of the most adaptable and flexible multi-chain wallets is Exodus. Exodus is the platform of choice for exchanging, staking, buying, and NFT storage because it supports more than 260 coins. Exodus wallet provides users with unmatched levels of ease and usefulness across a range of channels, including desktop, mobile, browser extension, and physical wallet.

Cryptocurrency Industry | Forecast 2030

Cryptocurrency Industry Data Book – Cryptocurrency Mining Hardware & Exchange Platform, Crypto Wallet, Cryptocurrency Payment Apps and Crypto ATM Market

Cryptocurrency Industry Data Book Coverage Snapshot

Markets Covered

Cryptocurrency Industry USD 40.09 billion in 2021 26.8% CAGR (2022 to 2030)
Cryptocurrency Mining Hardware Market Size USD 2.32 billion in 2021 9.3% CAGR (2022 to 2030)
Cryptocurrency Exchange Platform Market Size USD 30.18 billion in 2021 27.8% CAGR (2022 to 2030)
Crypto Wallet Market Size USD 6.97 billion in 2021 24.4% CAGR (2022 to 2030)
Cryptocurrency Payment Apps Market Size USD 545.4 million in 2021 16.6% CAGR (2022 to 2030)
Crypto ATM Market Size USD 75.0 million in 2021 61.7% CAGR (2022 to 2030)

Cryptocurrency Exchange Platform Market Growth & Trends

The global cryptocurrency exchange platform market size is expected to reach USD 264.32 billion by 2030, growing at a CAGR of 27.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising awareness about cryptocurrencies and their advantages, such as flexibility and security, is driving the industry’s growth. The strong emphasis on secure and decentralized networks owing to the emergence of blockchain technology also bodes well with the market growth.

Several market players have invested in research and development activities to introduce advanced innovative exchange platforms. For instance, in July 2022, Billium, an exchange based in Dubai, announced the launch of a new-age platform to carry out decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named ‘Billium Copy Trading’, which will allow novice users to follow the trades of the professionals.

Crypto Wallet Market Growth & Trends

The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, growing at a CAGR of 24.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Crypto wallets help users store their private keys securely and use them while carrying out any transactions in cryptocurrency. The increasing use of cryptocurrency for individual and commercial use, the growing demand for enhanced security in crypto transactions, the expanding use of smartphones, and internet penetration are expected to drive the growth of the market over the forecast period.

The growing internet penetration and smartphone usage are expected to fuel the demand for crypto wallets. Internet users worldwide increased from 4,585 million to 4,901 million from 2020 to 2021. The increasing internet usage is contributing to the adoption of cryptocurrencies across the globe. Users are increasingly adopting crypto wallets to store, receive, and send cryptocurrency, which is easily accessible, and downloadable software. The increasing smartphone penetration is driving mobile crypto wallet downloads, thereby contributing to the market’s growth.

Cryptocurrency Payment Apps Market Growth & Trends

The global cryptocurrency payment apps market size is expected to reach USD 2.15 billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing adoption of blockchain technology is anticipated to drive the growth of the market. The increased emphasis cryptocurrency payment app providers are putting on offering enhanced payment solutions also bodes well for the growth of the market.

Services that merge bitcoin with conventional bank-based payments are expanding and providing crypto users flexibility. For instance, in June 2022, the cryptocurrency exchange Coincoinx introduced a service named Coinpago that would let customers pay in Venezuela without having to exchange their cryptocurrency for fiat. Coinpago is expected to enable customers to make purchases at any merchant or store in the nation.

Crypto ATM Market Growth & Trends

The global crypto ATM market size is expected to reach USD 5,451.0 million by 2030, growing at a CAGR of 62.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Several countries such as Central African Republic and El Salvador recognize Bitcoin as legal tender which will contribute to the use of crypto ATMs over the forecast period. The market growth can be attributed to the growing use of cryptocurrencies for making payments at several retail stores.

The rise in the number of prominent retail stores installing crypto ATMs is expected to be a major contributor to the growth of the crypto ATM industry. In March 2023, Giant Eagle supermarket’s café arm under GetGo Café + Market announced plans to install online Bitcoin ATMs in more than 125 locations across the U.S. Similarly, prominent chains such as Circle K, 7-Eleven, and Shell have ramped up the demand for online Bitcoin ATMs.